In a nervous economy where people worry about rising costs and potentially losing their jobs, many people cut back on discretionary spending. If you’re worried about your finances and paying your everyday bills, you probably don’t replace your living room set or redesign your kitchen.
“Furniture, of course, is many times a discretionary and deferrable expense, so weakness in the overall economy or declines in consumer confidence, like we’ve seen the last few months, can impact consumers’ willingness to spend,” Mark Laferriere, an assurance partner at Smith Leonard, told Homes.com.
He did, however, have some optimism that things could turn around.
“Furniture purchases are also tied to the overall housing market,…